Brown & Brown, Inc. (NYSE:BRO) Plans Quarterly Dividend of $0.10

Brown & Brown, Inc. (NYSE:BROGet Rating) declared a quarterly dividend on Monday, April 25th, Zacks reports. Investors of record on Monday, May 9th will be given a dividend of 0.102 per share by the financial services provider on Wednesday, May 18th. This represents a $0.41 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Friday, May 6th.

Brown & Brown has increased its dividend payment by an average of 7.6% per year over the last three years and has increased its dividend annually for the last 28 consecutive years. Brown & Brown has a dividend payout ratio of 16.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Brown & Brown to earn $2.57 per share next year, which means the company should continue to be able to cover its $0.41 annual dividend with an expected future payout ratio of 16.0%.

BRO stock traded down $0.51 during trading on Wednesday, reaching $65.17. 1,398 shares of the company were exchanged, compared to its average volume of 1,816,736. The company has a 50-day moving average of $68.72 and a two-hundred day moving average of $66.79. The company has a market capitalization of $18.45 billion, a price-to-earnings ratio of 31.73 and a beta of 0.74. Brown & Brown has a twelve month low of $50.78 and a twelve month high of $74.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.04 and a quick ratio of 1.04.

Brown & Brown (NYSE:BROGet Rating) last released its quarterly earnings data on Monday, April 25th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.03. Brown & Brown had a net margin of 19.24% and a return on equity of 15.43%. During the same quarter in the previous year, the business posted $0.70 earnings per share. On average, analysts forecast that Brown & Brown will post 2.32 EPS for the current year.

In other Brown & Brown news, Director H Palmer Proctor, Jr. bought 2,000 shares of the business’s stock in a transaction on Thursday, January 27th. The stock was purchased at an average price of $61.53 per share, for a total transaction of $123,060.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 17.02% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC lifted its position in Brown & Brown by 15.2% during the fourth quarter. Parametric Portfolio Associates LLC now owns 551,129 shares of the financial services provider’s stock valued at $38,733,000 after purchasing an additional 72,776 shares during the last quarter. Penserra Capital Management LLC purchased a new position in shares of Brown & Brown during the fourth quarter worth approximately $1,785,000. NewEdge Advisors LLC increased its stake in shares of Brown & Brown by 146.4% in the fourth quarter. NewEdge Advisors LLC now owns 17,561 shares of the financial services provider’s stock worth $1,234,000 after buying an additional 10,434 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Brown & Brown by 95.3% in the fourth quarter. Allianz Asset Management GmbH now owns 19,783 shares of the financial services provider’s stock worth $1,390,000 after buying an additional 9,653 shares during the period. Finally, California State Teachers Retirement System increased its stake in shares of Brown & Brown by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 415,588 shares of the financial services provider’s stock worth $29,208,000 after buying an additional 6,720 shares during the period. Institutional investors own 74.02% of the company’s stock.

Several equities analysts have issued reports on the stock. Zacks Investment Research cut shares of Brown & Brown from a “buy” rating to a “hold” rating and set a $67.00 price target for the company. in a research report on Thursday, January 27th. Morgan Stanley upped their price objective on shares of Brown & Brown from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, April 14th. StockNews.com assumed coverage on shares of Brown & Brown in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. UBS Group assumed coverage on shares of Brown & Brown in a research note on Monday, April 18th. They issued a “neutral” rating and a $76.00 price objective on the stock. Finally, Truist Financial increased their target price on shares of Brown & Brown from $77.00 to $82.00 in a research note on Thursday, April 21st. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average target price of $69.50.

About Brown & Brown (Get Rating)

Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.

Further Reading

Dividend History for Brown & Brown (NYSE:BRO)

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